
                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: FRIDAY, January 27, 1995                   TAG: 9501270050
SECTION: BUSINESS                    PAGE: A-7   EDITION: METRO 
SOURCE: MAG POFF
DATELINE:                                 LENGTH: Short

HANOVER DIRECT GETS NEW CATALOGS

Hanover Direct Inc., which has an order-fulfillment center in the Roanoke Valley, has acquired the business of Leichtung Inc., publisher of Improvements, a home improvement catalog, and Leichtung Workshops, a woodworking and hobby catalog.

Linda S. Heinberg, director of investor relations for Hanover in Weehawken, N.J., said the acquisition will have no impact at all on the Roanoke Valley fulfillment center.

Hanover Direct paid about $11 million in cash for the assets of the Leichtung business. Included in the assets is a customer mailing list of 3 million names.

In the 12 months ended in June 1994, Leichtung's revenues were $34.6 million, with operating revenue of about $2.7 million.

Coy Clement, former president of Leichtung, has joined Hanover to head its gift/home group. Clement started the Improvements catalog in March 1991, and it now represents more than half of Leichtung's revenues and earnings. The Leichtung business has grown 57 percent since 1991.

Jack Rosenfeld, president of Hanover, called Leichtung an important acquisition. He said Hanover had identified the home improvement/do-it-yourself market as an area for future growth.

by CNB